Does anyone know a debt consolidation place that accepts defaulted payday loans? I have $2200 in payday loans and they are almost 3 months behind. they are threatening all kinds of legal crap, and i dont know what to do. I dont have the money to pay them back, this wasnt intentional but it happened. help.

6 Responses to “Debt consolidation for payday loans?”

Unfortuantely too many people are getting trapped in the payday loan cycle. The quickest answer is to contact your bank or credit union for a loan for the amount needed to pay off the loans. Then make the payments to the bank or credit union which will likely have a much lower interest rate than the payday loans.

If that is not possible then I suggest you contact a debt recovery service such as consumer credit counseling service (http://www.nfcc.org/). Just be careful if you find one online that wants money up front to get the loan. That is another scam group praying on people like yourself.

Ultimately you need to establish some discipline and setup an emergency savings account. The first step is to build it up to $1,000 then work on paying off any credit card debt you might have and then increasing it to 3 to 6 months of monthly expenses. That way you won’t need or want to use payday lenders in the future. If you want some help on how to do this, check out the website for Dave Ramsey (www.daveramsey.com). Good luck!!

Let them sue. All they will do is get a judgment against you. When you are able to pay according to the courts you will pay.

Best thing to do is send what payments you can to help bring the bill down. $5 – $10 per month. and keep track of what you send. Never pay with cash.

As for them calling. Get caller ID and do not answer the phone. They are going to call you and they are going to get nasty. Ignore it. Do not explain to them anything about your finances they will use that against you in court.

Many of those credit collections employees get off on being nasty to you. And many companies train them this way because their goal is to get you to send your last penny if they can. They don’t care that you have no food in your house or your rent is due.

Generally they don’t take up pay day loans but you can search online to find some. Visit websites fill online forms and apply and see if any debt consolidator can help you out.
To know more you can visithttp://financialhelp.page.tl/home.htm